投身于AI从云端训练向端侧推理跃迁的浪潮之中，作为全球AI生态链领先企业的联想集团，已有了破 局进化之道。 2026年2月12日，联想集团（HKSE：992）（ADR：LNVGY）披露2025/26财年第三财季业绩，关键指 标均超市场预期。截至2025年12月31日，集团营收达1575亿人民币，同比增长超过18%；经调整后的净 利润同比增长36%，利润增速更是达到营收增速的两倍。多家投行如摩根士丹利称，毛利率符合市场预 期。在随后召开的业绩发布会上，联想集团董事长兼CEO杨元庆给出承诺：未来的几个季度，都可以继 续保持双位数增长。 同日下午，联想集团高级副总裁兼首席财务官郑孝明（Winston Zheng）接受媒体深度访谈，坦率回应 了市场关注的所有焦点：存储暴涨后的行业分化、AI军备竞赛及生态演化、ISG盈利修复之路等，由此 详解了联想集团的价值重估逻辑。 文/罗茜 当下的全球科技产业，正处于一个深度重构的关键时刻：一边是以存储器为代表的核心元器件，陷入近 乎疯狂的价格暴涨周期；一边是科技巨头们，不计成本地投身关于AI的战略豪赌和军备竞赛。 "我们的估值会从PC-only（仅依赖PC）的估值，转换成一个基于 ...

3. Kakao与 【东北计算机】202602012 【存储巨头铠侠全年利润指引高出共识60%，Q3净利润878.1亿日元】 1. 工信部公开征求《人工智能赋能应用钢板钢带轧制过程数据治理技术要求》等40项行业标准报批意见公示。 （来源：工信部） 2. 联想集团第三财季营收1575亿元创新高 人工智能相关营收占比提升至32%。 【东北计算机】202602012 【存储巨头铠侠全年利润指引高出共识60%，Q3净利润878.1亿日元】 1. 工信部公开征求《人工智能赋能应用钢板钢带轧制过程数据治理技术要求》等40项行业标准报批意见公示。 （来源：工信部） 2. 联想集团第三财季营收1575亿元创新高 人工智能相关营收占比提升至32%。 （来源：证券时报网） （来源：证券时报网） 3. Kakao与谷歌达成人工智能领域战略合作。 （来源：第一财经） 4. 三星宣称在向英伟达供货AI存储芯片竞赛中抢占先机。 （来源：环球市场播报） 5. AI应用软件股Fastly美股盘前涨逾38%。 （来源：Wind） 6. 淘宝闪购：来自千问的订单近半数在县城 超百万老人因AI首次下单。 （来源：亿邦动力） 7. 存储巨头铠侠全年 ...

第三财季，联想企业智能布局已覆盖AI应用库、AI技术平台、AI基础设施与AI服务四大层面：不仅正 式发布联想xIQ技术平台，打造企业AI核心技术底座，还与英伟达联合推出AI云超级工厂计划，并开始 交付新一代GPU服务器。在服务层面，联想端到端AI服务持续放量，显示企业AI正从试点阶段加速迈 向规模化商用。 2月12日，联想集团公布截至2025年12月31日的2025/2026财年第三财季业绩：营收达到1575亿元人民 币，同比增长超过18%；经调整后的净利润同比增长36%。 第三财季，联想集团AI相关营收同比增长72%，占集团总营收比重提升至32%。联想集团董事长兼CEO 杨元庆表示，AI相关营收已经占到联想集团整体营收的近三分之一，真正成为了增长的重要引擎。 其中，AI PC营收实现高双位数增长，AI智能手机营收实现三位数增长，AI服务器营收实现高双位数增 长，AI服务营收实现了三位数增长，推动联想集团业务结构持续向高价值方向演进。 "面向未来，我们坚信AI普及普惠是不可逆转的时代趋势。"杨元庆表示，联想集团将继续通过"个人智 能"和"企业智能"双轮驱动，把握AI普惠带来的重要增长机遇，创造长期可持续的切实 ...

Group 1 - The State Administration for Market Regulation opposes manufacturers engaging in "involution" and selling cars at a loss, aiming to promote healthy competition in the automotive market [3] - The newly released guidelines clarify the boundaries of pricing behavior in the automotive industry, encouraging compliance and fair competition among manufacturers and sellers [3] - The guidelines specify that automotive manufacturers must not engage in pricing behaviors that aim to eliminate competitors or monopolize the market, which poses significant legal risks [3] Group 2 - OpenAI announced the release of a new real-time programming model, GPT-5.3-Codex-Spark, which is a more compact version of GPT-5.3-Codex, optimized for low-latency hardware [5][7] - The Codex-Spark model can generate over 1000 tokens per second and is currently available as a research preview for ChatGPT Pro users [5][7] - The model operates on Cerebras' Wafer Scale Engine 3, which features 40 trillion transistors and 900,000 AI cores, providing extremely low latency [7] Group 3 - Multiple automotive companies, including Geely, Chery, and BYD, have disclosed their plans for solid-state battery technology, with Geely aiming for small-scale production by 2027 and a long-term goal of mass production by 2030 [18][19][20] - Chery plans to start pilot production of solid-state batteries by 2026 and aims to validate the technology in real vehicles by 2027 [20] - BYD is focusing on sulfide solid-state batteries, expecting to achieve small-scale production by 2027 [23] Group 4 - Meizu's smartphone business is reportedly facing dissolution, with the Meizu 23 project allegedly halted [25][26] - The company has not officially responded to the rumors, and customer service has stated that no notifications regarding the business's status have been received [26] Group 5 - ByteDance is set to release the upgraded Doubao model on February 14, 2026, which will include significant enhancements to its foundational model capabilities [34][35] - The Doubao 2.0 model is expected to be a multimodal model with 1 trillion parameters, marking a substantial advancement in the company's AI capabilities [35] Group 6 - Xiaomi has launched its first-generation robot VLA model, which features 4.7 billion parameters and excels in visual language understanding and real-time execution capabilities [39][42] - The model has achieved state-of-the-art results in various benchmarks and is designed for high efficiency in real-world tasks [42] Group 7 - Lenovo reported a 72% year-on-year increase in AI-related revenue, which now accounts for 32% of the company's total revenue, driven by growth in AI PCs, smartphones, and servers [32][36] - The company has successfully navigated challenges in the global AI supply chain, maintaining its commitment to double-digit revenue growth and profitability [32]

2月12日，武昌万象城的联想专卖店里，不少顾客正在选购新款笔记本电脑。谈及今年1 月的生意，店员林先生印象最深的不是卖了多少台电脑，而是反复被问话："还有存储硬盘 吗？"回答经常是："没有。" 国家统计局武汉调查队发布的最新数据显示，今年1月，武汉数据存储设备价格同比上 涨85.3%。业内人士称，受AI产业需求增长与存储设备供应结构性调整等叠加因素影响，内 存价格普遍上涨。 近日，在武广泡泡玛特门店，人流量明显变大。一店员笑称，"小手办承接大情绪"，热 门盲盒得定时抢购甚至提前预订。数据显示，今年1月，武汉以盲盒手办为代表的其他文娱 用品价格同比上涨1.3%。 今年1月，武汉CPI温和上涨。业内人士分析，智能化商品、升级型服务与新能源相关 消费成为价格结构性上涨的主要推手，折射出城市消费活力、产业转型韧性。 编辑：熊展平 服务消费市场活跃，主打"为美好生活买单"。调查统计表明，1月份，定制游、深度游 成了热门搜索词，半自助游价格同比上涨4.0%；在景区找个跟拍或者旅拍成了不少人的打 卡标配，摄影服务价格同比上涨2.0%；线上观影、听书、看网文的人也在为内容付费，网 络影音服务价格同比上涨16.2%。 1月份， ...

Key Points - Insta360 held its annual meeting where it awarded five sets of properties and several cars to employees, all of whom were born in the 1990s, emphasizing the importance of material incentives alongside recognition [5][6] - The company reported that 2025 was its highest revenue year, with a significant increase in R&D investment, surpassing the total of the previous three years [6] - DeepSeek's recent update has faced backlash from users who feel the model has become less engaging, despite a significant increase in context window capacity [11][12] - AWS has completed layoffs in its Greater China region, affecting approximately 150 employees, primarily in second-tier departments [14][15] - Zhao Ming, former CEO of Honor, has joined Qianli Technology, focusing on AI business models [16] - BMW announced a global recall of multiple models due to a defect in the starter motor that poses a fire risk [56] - Xiaomi's YU7 became the best-selling car in China for January 2026, with a total of 37,869 units sold, significantly outpacing competitors [35][36] - Chery employees expressed dissatisfaction with the company's strict leave policies during the Spring Festival, which limited vacation days [23] - Great Wall Motors announced that its average year-end bonus for 2025 would exceed 50,000 yuan per employee, with a total bonus pool potentially exceeding 42.45 billion yuan [25][26] - Huawei's new vehicle, the Zun Jie S800, will appear on the CCTV Spring Festival Gala, highlighting its market presence [45]

Group 1 - The core point of the article highlights the short-selling ratios and amounts for various companies, indicating significant market activity and investor sentiment towards these stocks [1][2]. Group 2 - The top three companies by short-selling ratio are China Resources Beer (80291), Great Wall Motor (82333), and JD Health (86618), all at 100.00% [1][2]. - The top three companies by short-selling amount are Meituan (03690) with 1.878 billion, Zijin Mining (02899) with 1.770 billion, and Tencent Holdings (00700) with 1.606 billion [1][2]. - The companies with the highest deviation values in short-selling are Kuaishou (81024) at 36.81%, Zhaojin Mining (01818) at 33.02%, and China Shipbuilding Leasing (03877) at 30.32% [1][2].

Group 1 - Wall Street's tech sector experienced a significant decline, erasing over $500 billion in market value across 10 major companies, with both software and legacy hardware firms affected [1] - The iShares Expanded Tech-Software Sector ETF (NYSE:IGV) fell more than 3% on Thursday, marking a year-to-date decline of over 20% [2] - Cisco's earnings report was a key catalyst for the broader tech slump, as the company saw an 11% drop in stock price despite reporting earnings of $1.04 per share, exceeding the $1.02 consensus, and revenue of $15.35 billion, above estimates of $15.11 billion [2] Group 2 - Cisco's gross margin guidance for the fiscal third quarter was 65.5%-66.5%, which fell short of the 68% consensus, attributed to a heavier hardware mix and rising commodity costs [3] - Cisco's networking revenue grew 21% year over year, with orders accelerating above 20%, indicating strong demand despite margin pressures [3] - Lenovo, a major player in the tech industry, acknowledged the risk of declining PC shipments due to worsening memory shortages, with the CEO stating the company aims to maintain profitability amid these challenges [4]

Core Insights - Lenovo Group reported record revenue of 157.5 billion RMB for Q3 of FY 2025/26, representing a year-on-year growth of over 18% and a net profit increase of 36%, which is double the revenue growth rate [1] Group 1: Business Performance - All three major business segments of Lenovo achieved double-digit growth during the quarter [1] - The Intelligent Devices Group (IDG) generated over 110 billion RMB in revenue, with a year-on-year growth of 14.3% and a market share increase to 24.9% in the personal computer segment [1] - The Infrastructure Solutions Group (ISG) reported revenue of 36.7 billion RMB, a 31% year-on-year increase, with AI server revenue experiencing high double-digit growth and an order backlog of 15.5 billion USD [1] - The Solutions and Services Group (SSG) saw an 18% year-on-year revenue growth, maintaining double-digit growth for 19 consecutive quarters, with an operating profit margin of 22.5% [1] Group 2: AI Business Growth - AI-related revenue for Lenovo grew by 72% year-on-year, accounting for 32% of total revenue [1] - Revenue from AI PCs, AI smartphones, AI servers, and AI services all recorded double-digit to triple-digit growth [1] Group 3: Strategic Initiatives - Lenovo launched the super intelligent agent Lenovo Qira and initiated a strategic restructuring of its ISG business, aiming for annual net cost savings of 1.4 billion RMB over the next three years [1] - The Chairman of Lenovo, Yang Yuanqing, emphasized the commitment to advancing a hybrid AI strategy to capitalize on growth opportunities presented by AI [1]

Core Viewpoint - The article highlights the significant challenges faced by the technology industry, particularly in the context of rising component prices, with storage prices increasing by 40%-50% in the last quarter and potentially doubling in the current quarter. This price surge is expected to impact the prices of PCs and smartphones, leading to a forecasted price increase of 15%-20% across the market [3][5]. Group 1: Financial Performance - Lenovo Group reported a revenue of 157.5 billion RMB for the third quarter of the 2025/26 fiscal year, representing a year-on-year growth of over 18% [5]. - Adjusted net profit reached 4.07 billion RMB, with a year-on-year increase of 36%, indicating that profit growth is outpacing revenue growth [5]. - AI-related revenue surged by 72% year-on-year, accounting for 32% of total revenue, with AI PCs, smartphones, and servers all showing significant growth [5]. Group 2: Business Segments - The IDG (Intelligent Devices Group) segment generated over 110 billion RMB, growing by over 14% year-on-year, despite rising core component costs [5]. - The ISG (Infrastructure Solutions Group) segment reported revenue of 36.7 billion RMB, a 31% increase year-on-year, with AI server business experiencing high double-digit growth [5][6]. - Lenovo's inventory increased to 9.077 billion USD, up from 7.924 billion USD at the end of the previous fiscal year, attributed to business growth and longer delivery cycles for cloud service provider orders [6]. Group 3: Supply Chain and Market Dynamics - The hardware industry is facing extreme tests of efficiency and resilience due to supply chain challenges, particularly driven by the high demand for AI training and memory [8]. - Lenovo's scale across PC, smartphone, and server businesses provides it with strong negotiating power with suppliers, allowing it to secure better costs and supplies [8][9]. - The company has established deep, trust-based relationships with upstream suppliers, ensuring priority access during supply shortages, with significant growth targets set for partnerships, such as with NVIDIA [9]. Group 4: AI and Future Outlook - AI is viewed as a critical growth driver, with the potential for significant value creation in enterprise and personal intelligence through the use of private data [9]. - Lenovo's strategy focuses on "hybrid AI," emphasizing the importance of data, computing power, and models in driving future market demand for intelligent terminals and AI infrastructure [9].